1997 U.S. Code
Title 36 - PATRIOTIC SOCIETIES AND OBSERVANCES
CHAPTER 88 - FLEET RESERVE ASSOCIATION
Sec. 5608 - Restrictions
§5608. Restrictions (a) Income and compensation
No part of the income or assets of the association may inure to the benefit of any member, officer, or director of the association or be distributed to any such individual during the life of this charter. Nothing in this subsection may be construed to prevent the payment of reasonable compensation to the officers and employees of the association or reimbursement for actual and necessary expenses in amounts approved by the board of directors.
(b) LoansThe association may not make any loan to any member, officer, director, or employee of the association.
(c) Issuance of stock and payment of dividendsThe association may not issue any shares of stock or declare or pay any dividends.
(d) Disclaimer of congressional or Federal approvalThe association may not claim the approval of the Congress or the authorization of the Federal Government for any of its activities by virtue of this chapter.
(e) Corporate statusThe association shall maintain its status as a corporation organized and incorporated under the laws of the State of Delaware.
(f) Corporate functionThe association shall function as an educational, patriotic, civic, historical, and research organization under the laws of the State of Delaware.
(g) NondiscriminationIn establishing the conditions of membership in the association and in determining the requirements for serving on the board of directors or as an officer of the association, the association may not discriminate on the basis of race, color, religion, sex, handicap, age, or national origin.
(Pub. L. 104–201, div. A, title XVIII, §1808, Sept. 23, 1996, 110 Stat. 2761.)
Section Referred to in Other SectionsThis section is referred to in sections 5605, 5606, 5607 of this title.
